Do you have to sign paperwork if refinancing your house with current lender?

Question by button: Do you have to sign paperwork if refinancing your house with current lender?
Refinancing with current mortgage company, will we have to sign new paperwork? Or will it just be handled without?
is 6.4% a good refinance rate? My husband is wanting lower? I am sure that is a good rate? Any opinions?
it is 30 year fixed. I don’t knwo about the points….so is that a good rate?

Best answer:

Answer by sweetsum691You’ll have to sign new paperwork. It’s an entire new note.

Yes you do have to sign over again, its whole new loan. 6.4% is a VERY good rate, rates are high right now, so basically anything in the 6’s, you have hit the jackpot, long gone are the days where you would have 4%. Anything lower than a 6%, you would have to question what kind of loan product is, (i.e. interest-only, adjustable, etc.).

Points, origination fees, transaction fees, appraisal fees and a host of other fees can cost you THOUSANDS of dollars, especially over the life of the loan. Some lenders lure unsuspecting lendees in with a great rate, only to hammer them with all sorts of fees that may have been absorbed if you would have went with another lender with a great rate that didn’t have all those bogus fees.

Get a truth in lending good faith estimate of what the fees are, look at that, then think about the interest rate. Shop around, it can’t hurt.

As mentioned above, knowing the closing cost of the loan is extremely important in determining if you are getting a good deal or not. If your current lender is offering you 6.4% at no cost, then that is a pretty good deal in today’s market. If they are charging you any fees, then it really is not. Ask what the APR is on the new loan. If it is significantly higher than the rate they quoted you, then you know that you are being charged a bunch of fees. They should be disclosing all this to you through a Good Faith Estimate and a Truth in Lending statement. If not, ask for them.

Contact me if you would like more details. I am an experienced broker that can lend in all 50 states and will get you a Good Faith Estimate outlining all cost associated with your loan with the best possible rate.